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7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
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Bankruptcy Advice |
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Can a student loan in the state of Texas be dismissed by filing a
chapter 7 or chapter 13? - Troy
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Dear Troy,
It is a
common misperception that all debts will be dismissed if you file for
bankruptcy. In reality, the general rule is that any debt owed to a government
entity is not dischargeable. This includes student loans, IRS tax debts and
property tax debt.
Sorry to deliver the
news,
Susan
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I'm about $50,000 in debt. Cannot afford a very large payment.
Been using one Credit Card to make payments on another and things got out of
hand. Am I just wasting my time? Should I just go ahead and file bankruptcy and
get it over with. I am afraid the hole I've dug for myself is even too big even
if I got assistance from MMI. - Jones
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Dear
Jones,
Bankruptcy should be your last resort. Here are the top five
reasons you should let a trained professional counselor analyze your situation
before you make what many call the “ten-year mistake”:
1. A counseling
session only takes about an hour.
2. It can be done over the phone or on the
Internet.
3. Counselors are on duty 24 hours a day, 7 days a week.
4.
There is no obligation.
5. The session is free.
If debts are truly
unmanageable, your counselor will explore the possibility of a Debt Management
Program (DMP) which allows you to make reduced monthly payments to your
creditors. If bankruptcy looks like your only alternative, your counselor will
recommend you seek legal assistance.
Good
luck,
Susan
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I'm in the middle of a divorce and I can't seem to get out of the
pile of debt that was accumulated in our marriage. It seems I was "awarded" the
bulk of the credit card debt, which is around $40k. I pay about $1k in child
support. I currently make $85k plus bonuses. But, I can't seem to make it to the
next paycheck without checks bouncing. I'm 34 yrs. old and I'm considering
filing Chapter 13. Do you have any suggestions? Signed - At Wit's
End
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Dear At Wit’s
End,
Unfortunately, this is a rather common problem. In fact, divorce is
one of the top reasons consumers seek assistance from MMI. Like those before
you, I recommend that you meet with a trained credit counselor. During your
counseling session, your counselor will review your overall financial situation,
discuss possible solutions and make recommendations for you to consider. With
your creditor’s cooperation, it may be possible to repay the debt and still live
comfortably.
Bankruptcy should be your last resort.
Best Wishes,
Susan
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My husband and I are currently filing bankruptcy. We are only
filing unsecured debt...credit cards......Chapter 7...is it going to be
difficult for us to buy a home or rent? Some things that I have read say yes and
others say no. We are keeping our car loan which is up to date as well as
another secured loan as well....I would appreciate any and all info you could
give me. Sincerely - Lisa
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Dear Lisa,
While it
is not impossible to obtain a loan after you file for bankruptcy, it is more
difficult. In addition, you may not be happy with the terms of any loan granted
within the years following a bankruptcy.
I recommend that you figure out
whether or not bankruptcy is really necessary. A bankruptcy stays on your credit
report for up to ten years. Before you make that ten-year commitment, I
recommend you talk with a credit counselor. There may be an
alternative.
Susan
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CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096 |
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